Clients need to understand their employment history is a piece of the mortgage application puzzle.
First-time buyers account for a large portion of the realty market. According to the National Association of Realtors, first-timers made up 31% of all homebuyers in both 2020 and 2021. As a mortgage loan originator (MLO), you would be doing yourself a disservice if you did not take the time to market your services to this demographic of potential clients.
If you want to attract first-time homebuyers, you must stand out from the competition. Educating yourself and your clients about special first-time programs, offering government-backed loans, helping every step of the way, and asking for referrals from your clients, will help you differentiate your business.
Here's how to draw in clients who are new to the market.
Educate Yourself and Your Clients about First-Time Homeowner Programs
Most successful MLOs know about the programs that could help their clients. If you want to get more clients who have never bought a home before, educate yourself about the different programs that may be available to them in your area.
Among the benefits that these programs may offer are affordable rates; low or no down payments for first-time home buyers; and special offers for veterans, public servants, and student loan borrowers. The eligibility requirements vary by state and program, so make sure you understand the fine print before pointing your clients toward these options.
Offer Government-Backed Loans
Government-backed loans from the U.S. Department of Veteran Affairs, the U.S. Department of Agriculture, and the Federal Housing Authority — among other agencies — may be especially attractive to first-time buyers because they might offer less stringent eligibility requirements. Offering these types of loans could open up another area of the market to your mortgage business.
Be There Every Step of the Way
Put yourself in the buyer’s shoes: Would you rather work with an MLO who is there when you have a question or one who is difficult to reach? MLOs have many technology options to help them stay organized and in touch with their clients every step of the way. For example, the wemlo platform offers real-time, secure access that allows the borrower to send messages, upload documents, see their mortgage loan status and important events, and more. (See it in action here.)
Ask for Referrals
If you offer your clients true value as their point of contact for their home loan, you can often count on them to refer you to others interested in buying their first home. Be sure to stay in touch with your clients after the home sale and ask for a referral when the time is right.
Always remember: you are building relationships with people. Show them that you care about more than the transaction if you want them to return the favor.
Be the Mortgage Originator Your Clients Need with Help from wemlo
Reliable third-party processing services can also help strengthen your relationship with your borrower. Establishing a positive relationship with your outsourced mortgage loan processor is one of the best ways to make everyone feel more comfortable so that the borrower (and you!) knows they’re in good hands.
Not to mention, outsourcing loan processing can help you manage bigger pipelines and have more time to network for new business. Schedule a time to talk with our #teamlo and learn more about how wemlo can help you do just that.
